The F50 GT was a derivative of the Ferrari F50, intended for use in racing. However, Ferrari decided not to put it into production, and only three cars were sold to the public; the prototype and two assembled specially for prominent customers.

One of the three F50 GT's being driven by its owner hit a crash barrier after a shunt at the final corner of Laguna Seca Raceway. This car was reluctantly taken back by Ferrari and rebuilt. However, the rebuilt Ferrari was reportedly lighter, weighing 2000 lb when loaded and also had an upgraded powerplant now producing 900 bhp. No official stats were ever recorded for this car and thus it has never been mentioned as the uprated Ferrari F50 GT.